TO: Mayor and Members of City Council
THRU: Douglas J. Hewett, ICMA-CM - City Manager
FROM: Jay C. Toland, CMA - Chief Financial Officer/Assistant City Manager
DATE: March 28, 2022
RE:
Title
Resolution Providing for the Sale and Issuance of $19,000,000 General Obligation Parks and Recreation Bonds, Series 2022
end
COUNCIL DISTRICT(S):
Council District(s)
All
b
Relationship To Strategic Plan:
Goal 4: Desirable Place to Live, Work and Recreate
Executive Summary:
Council is asked to approve the following resolution;
RESOLUTION PROVIDING FOR THE SALE AND ISSUANCE OF $19,000,000 GENERAL OBLIGATION PARKS AND RECREATION BONDS, SERIES 2022
This resolution will start the process to provide funding and/or reimbursement (for projects already complete) to the City for the following projects (projects may change at Council’s discretion).
Background:
In March 2016, Fayetteville voters passed a $35 million bond referendum for parks and recreation projects. The first bond issuance was completed in May 2019 to provide project funding. Most of the projects have been appropriated in advance of the bond issuance and construction activities have been underway for many projects.
Issues/Analysis:
None - this is the final tranche of the 35 million bond referendum.
Budget Impact:
None - a dedicated portion of property tax (1.42 cents) is designated for repayment of debt.
Options:
1. Adopt resolution as is to provide cash flow to the parks and recreation bond projects
2. Adopt resolution at former approved rate - 19M +/-
3. Do not adopt resolution and provide guidance to staff
Recommended Action:
Staff recommends adoption of resolution as presented
Attachments:
Issuance Resolution
Fayetteville 2022 G.O. Financing Calendar